Strategic Elements samples up to 24.33g.t gold from NZ prospect

Strategic Elements’ (ASX: SOR) foray into unexplored parts of the West Wanganui prospect on New Zealand’s South Island has returned up to 24.33 grams per tonne gold from panned concentrate samples.

It is the first explorer into most parts of the heavily vegetated area, taking samples from each catchment to locate gold mineralisation potentially buried under the vegetation cover.

Results from the recently completed geophysical survey over a small part of the area are being interpreted.

Initial data shows a magnetic anomaly cutting across Frazer Stream.

The West Wanganui and Golden Blocks Goldfield prospects are situated in the same 131 square kilometre permit and the same belt of shale/slate and sandstone rocks. Both have little to no modern exploration.

New data from systematic exploration within the permit is rapidly building a picture of a shale /slate belt with significant potential for new gold discoveries and depth/strike extension of historic gold mines.

West Wanganui

The West Wanganui prospect is located about 40 kilometres west of the Sam's Creek deposit explored by Oceana Gold (ASX:OGC) and MOD Resources (ASX:MOD) that has already reported over 1 million ounces of gold with limited exploration.

CRA, now Rio Tinto, had in 1987-1988 discovered gold in granite dykes within the project area, which it described as having “considerable potential for significant gold mineralisation to occur”, and had called for detailed follow up.

However, a corporate withdrawal was made from New Zealand soon after and no modern exploration has occurred since then.

Notably, Sample 7313 that contains the peak result is significant as this creek has granite dyke in float coming from further upstream.

Another sample, 7310 from the adjacent tributary north with 4.07g/t gold, is also highly prospective as it could be sourced from the same area. These samples were taken over 700 metres apart.

The recently acquired airborne geophysical survey was carried out to identify gold mineralized dykes which had previously been identified at West Wanganui through initial fieldwork. This included intrusive rocks that also contained visible gold.

One of the panned concentrate samples, which returned 14.49g/t gold, is noteworthy as it was taken directly downstream from the magnetic anomaly cutting across Frazer Stream.

Analysis

Strategic Elements’ discovery of gold from panned concentrate sampling of previously unexplored areas highlights the potential of its West Wanganui to host both new discoveries and extensions of historic gold mines. With a market cap. of just $7 million, it is leveraged to exploration success.